We study digital transformation and its impact on business and society. Driven by the rapidly improving performance of digital technologies, a simultaneous cost reduction, and miniaturization, digital technologies lead to significant economic and social changes.
This transformation does not only affect digital industries whose value creation is fully digitalized (e.g., media, software), but also industries whose value creation has so far been primarily physical (e.g., automotive, energy). As digitization lowers market entry barriers and requires new competences and concepts of value creation, it is a huge challenge for established companies as many industries have been and will be disrupted. Connected digital technologies are the most important driver for continuous innovations of products, services, and business models (e.g. Internet of Things, Cyber-Physical Systems, Industry 4.0, Shared Economy, Cloud Computing, Digital Ecosystems, Blockchain).